USD vs. UYG

Last updated Jun 9, 2026

USD (ProShares Ultra Semiconductors) and UYG (ProShares Ultra Financials) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while UYG tracks the Dow Jones U.S. Financials Index (200%). Both are passively managed. Over the past 10 years, USD returned 59.63%/yr vs 16.66%/yr for UYG. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

USD vs. UYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and ProShares Ultra Financials (UYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 81.60% return, which is significantly higher than UYG's -12.27% return. Over the past 10 years, USD has outperformed UYG with an annualized return of 59.63%, while UYG has yielded a comparatively lower 16.66% annualized return.

USD

• 1D: 7.41%
• 1M: -0.05%
• YTD: 81.60%
• 6M: 69.12%
• 1Y: 218.18%
• 3Y*: 115.96%
• 5Y*: 65.20%
• 10Y*: 59.63%

UYG

• 1D: -1.25%
• 1M: 2.35%
• YTD: -12.27%
• 6M: -7.44%
• 1Y: -2.19%
• 3Y*: 27.27%
• 5Y*: 9.44%
• 10Y*: 16.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USD vs. UYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	81.60%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
UYG ProShares Ultra Financials	-12.27%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%

Correlation

The correlation between USD and UYG is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.56

Over the past year, the correlation between USD and UYG has dropped to 0.15 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

USD vs. UYG - Sectors Allocation Comparison

Sectors	USD	UYG
Financial Services	28.0%	98.0%
Technology	26.7%	1.7%
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	0.2%
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. UYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USD

USD Risk / Return Rank: 88
USD Sharpe Ratio Rank: 95
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 91

UYG

UYG Risk / Return Rank: 9
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 9
UYG Omega Ratio Rank: 9
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USD vs. UYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra Financials (UYG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	USD	UYG	Difference
Sharpe ratio: Return per unit of total volatility	3.43	-0.08	+3.51
Sortino ratio: Return per unit of downside risk	3.15	0.10	+3.06
Omega ratio: Gain probability vs. loss probability	1.43	1.01	+0.42
Calmar ratio: Return relative to maximum drawdown	6.91	-0.08	+6.98
Martin ratio: Return relative to average drawdown	19.73	-0.18	+19.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USD vs. UYG - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 3.43, which is higher than the UYG Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of USD and UYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USD	UYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.43	-0.08	+3.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.26	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.41	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	-0.00	+0.48

Drawdowns

USD vs. UYG - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, smaller than the maximum UYG drawdown of -97.90%. Use the drawdown chart below to compare losses from any high point for USD and UYG.

Drawdown Indicators

	USD	UYG	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-97.90%	+9.27%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-28.91%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-30.35%	-34.11%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-47.77%	-30.08%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-69.98%	-7.87%
Current Drawdown Current decline from peak	-16.10%	-17.15%	+1.05%
Average Drawdown Average peak-to-trough decline	-32.34%	-63.34%	+31.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.11%	12.01%	-0.90%

Volatility

USD vs. UYG - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 28.47% compared to ProShares Ultra Financials (UYG) at 8.39%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than UYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	UYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.47%	8.39%	+20.08%
Volatility (6M) Calculated over the trailing 6-month period	50.89%	22.38%	+28.51%
Volatility (1Y) Calculated over the trailing 1-year period	64.16%	29.26%	+34.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.00%	36.22%	+40.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.51%	41.07%	+28.44%

USD vs. UYG - Expense Ratio Comparison

Both USD and UYG have an expense ratio of 0.95%.

Dividends

USD vs. UYG - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less than UYG's 13.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USD ProShares Ultra Semiconductors	0.25%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%
UYG ProShares Ultra Financials	13.32%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both USD and UYG in my portfolio?

USD and UYG have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or UYG?

USD has higher volatility (28.47%) compared to UYG (8.39%). In terms of maximum drawdown, USD dropped -88.63% vs UYG's -97.90%.

Which ETF is better, USD or UYG?

On 10-year performance, USD leads with 59.63% vs 16.66% for UYG. Both ETFs have the same 0.95% expense ratio. On volatility, UYG has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or UYG?

Over the 10-year period, USD has performed better with a 59.63% return vs 16.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or UYG?

USD and UYG have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, USD or UYG?

UYG has the higher dividend yield at 13.32%, compared with 0.25% for USD.

What is the main difference between USD and UYG?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while UYG tracks Dow Jones U.S. Financials Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.43 vs -0.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.